A traveller’s guide to closed currencies

For those bitten by the travel bug, there's a constant pull to explore every corner of the world. Key to these adventures is understanding what you can and can’t do with money in each destination. Let's talk about closed currencies – a term that might sound complex but is important for globetrotters to understand. This guide will break down what closed currencies are and list the countries using them, helping you better plan your travels.

So, what are closed currencies? Simply put, they're currencies that you can't buy or sell freely on the international market. Countries use them to protect their economies from the ups and downs of global trading. For travellers, this means you'll need to exchange your money when you arrive and before you leave, and you might find there’s strict rules on bringing in and taking out cash. Understanding closed currencies can make your travels smoother, making sure you're always ready for the next adventure.

Here's a list of countries that are currently using closed currencies. Note that this list is not exhaustive and is subject to change.

1. India – Indian rupee (INR)

2. Ghana. Ghanaian cedi (GHS)

3. Ethiopia. Ethiopian birr (ETB)

4. Cuba. Cuban peso (CUP)

5. Albania. Albanian lek (ALL)

6. Tunisia. Tunisian dinar (TND)

7. Zimbabwe. Zimbabwean dollar (ZWL)

8. Venezuela. Venezuelan bolívar (VES)

9. Sri Lanka. Sri Lankan rupee (LKR)

10. Sudan. Sudanese pound (SDG)

11. Samoa. Samoan tala (WST)

12. Nepal. Nepalese rupee (NPR)

13. North Korea. North Korean won (KPW)

14. Nigeria. Nigerian naira (NGN)

15. Myanmar. Myanmar kyat (MMK)

16. Libya. Libyan dinar (LYD)

17. Laos. Lao kip (LAK)

18. Iran. Iranian rial (IRR)

19. Georgia. Georgian lari (GEL)

20. Cameroon. Central African CFA franc (XAF)

21. Cambodia. Cambodian riel (KHR)

22. Bahamas. Bahamian dollar (BSD)

23. Armenia. Armenian dram (AMD)

24. Uzbekistan. Uzbekistani som (UZS)

25. Ukraine. Ukrainian hryvnia (UAH)

Each country has its only set of rules and regulations so make sure you research your destination before you set off.

Before you plan your trip, make sure to check if the FCDO has given any travel advice for where you're going. If they advise against all but essential travel, you might not be covered by travel insurance if something unexpected happens on your trip.

Navigating foreign currency can be tough, but it doesn't have to be. Here are our top tips for managing closed currencies with ease.

 

1. Know the rules

Before your trip, take a minute to check if your destination has any special currency regulations. A simple Google search can save you a lot of headaches. Found some rules? Make sure you know them inside out, especially when it comes to bringing cash into the country.

 

2. Smart money exchange

Look up your currency exchange options before you go to snag the best deals. Once you land, swap a bit of cash at the airport to tide you over, avoiding any immediate hiccups.

For the best rates, do a bit of homework on currency rates or ask your hosts for the go-to spots.

 

3. Payment know-how

Double-check with your bank or card provider about using your cards abroad, especially in places with tight currency rules. A prepaid travel card could be useful, but make sure it's accepted where you're headed. Do you have some cash left over at the end of your trip? Spend or exchange it back while you're still in the country to avoid complications when you get home.

 

4. Budget smart

Work out roughly how much you think you're going to spend so you can figure out how much money you'll need. To be extra prepared, exchange more than you think you'll need in case of an emergency.